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In a report released by PropEquity, India’s leading real estate data, research and analytics firm, luxury housing segment in India has seen its share rise to 12% in supply of all housing units in tier 1 cities in the second quarter of 2022.
Theshareof luxurysegmentin supply panIndia was 8%inQ22021. Mumbai is ranked number one in terms of luxury sales and supply in the second quarter of 2022 followed by Hyderabad.
AffordableSegmenthadashareof63%inoverallsupply in Q22022acrossallTier1Cities while
MidSegmenthadashareof26%in overall supply.
Q2 2022 sawatotalsupplyof77,941units,outofwhichthelargestsharewasofaffordablesegmentofabout48,993units,followedbymid-segmentshareof19,910unitsandshareofluxuryunitsbeing9,132units.
In terms of sales, Q2-2022sawatotalsalesof1,02,311units,outofwhichthelargestsharewasofaffordablesegmentofabout64%(65,173units),followedbymid-segmentshareof25%(26,484units)andshareofluxuryunitsbeing10%(10,654units).
“In the last one year we have been witnessing of revival of luxury housing across top cities in India and this trend will continue to grow in the coming quarters. Demand for affordable housing in top metros are being in ways replaced by mid-segment and luxury housing as higher disposable income of nuclear families are looking for properties with premium ameneties, larger built up area and in a well-developed location,” Mr. Samir Jasuja, Founder and Managing Director at PropEquity said.
“Luxury housing in the country has remained resilient during the last two years and now is witnessing an uptick with new launches and rightly located projects being sold out in few weeks. We believe projects by branded and fundamentally strong developers would continue to witness strong demand even with inflationary roadblocks,” Mr. AbhishiekhAndlay, Founder of Andlay Estates said.
For affordable housing, Thane was the best city in terms of supply and sales and for mid-segment Hyderabad led the ranking for sales and Mumbai for supply.
